1.1 Welcome to Retail Knowledge Check

Which of the following is a term for physical goods that are bought and sold?

• Sales

• Products

• Pricing

• Services

Which of the following is a standard term that describes the audience of retail stores--that is, the people who will buy things from the stores?

• Manufacturers

• Wholesalers

• Buyers

• Customers

Which of the following is a term for intangible things, such as providing delivery, that are sold by retailers?

• Gifts

• Training

• Services

• Products

What kinds of things does a manufacturer produce?

• Raw materials

• Fossil fuels

• Services

• Finished products

Which of the following holds large quantities of product that are later sent either to retail locations or directly to customers?

• Manufacturer

• Wholesaler

• Distribution center

• Retailer

Which of the following terms best describes a grower of potatoes?

• Manufacturer

• Wholesaler

• Distribution Center

• Retailer

The majority of retailers are:

• Independently owned

• Corporations

• Franchises

• Online only

Which of the following is the term for the retailing approach that places the focus on creating a seamless shopping experience for customers by integrating multiple channels?

• Multichannel

• Omnichannel

• Integrated channel

• Seamless channel

Which of the following is the standard definition of a retail ecosystem?

• An interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and service they want.

• A group of stores that work together collaboratively to service customers' needs.

• A team of store employees who help each other.

• A set of technological systems that work together in order to make sure all products in a retailer's inventory are tracked and accounted for.

Approximately what percentage of U.S. jobs are retail jobs?

• 5-10%

• 10-15%

• 20-25%

• 35-40%